Governor Charlie Crist of Florida and the Florida House has finalized a twenty year agreement with the Seminole Indian Tribe on April 20th, 2010. The Seminoles will guarantee a total of $1 billion in the first five years to Florida but there are some reports that puts the total at $1.9 billion.
After the first five years of the agreement, Florida will receive ten percent of the tribe's net gambling revenue for fifteen more years. The money will be utilized to solve the budget shortfalls of Florida and encourage growth in Florida's economy.
The Hard Rock Hotel and Casino in Tampa, Florida may receive money to expand their hotel and casino-a plan temporarily postponed at an earlier date. The deal will give exclusive rights to continue offering the game of blackjack in Tampa and Broward County and will be permitted to continue offering Las Vegas style slot machines in their seven casino facilities in Florida.
A similar agreement in 2007 between Gov. Charlie Crist and the Seminoles already given the tribe the chance to offer blackjack at their casinos but it was dismissed because House legislators challenged it in the state Supreme Court.
Florida's Supreme Court decided that the first deal was invalid because Gov. Crist did not ask the opinion of the House officials. Gov. Crist had run for governor in 2006 as being not in favor of gaming expansion. Because of the poor condition of Florida state budget, Congress will likely approve the deal this time.
Those who are not in favor of the deal cite gaming addictions and exposing Florida families to peril because of those potential addictions. Aside from that, the gambling industry is considered a market that preys on individuals that already has a problem.
The state of Florida already had to spend some of the profits from gambling on founding a Compulsive Gambling Council.
Monday, May 31 , 2010